Sourcing and procurement processes is designed to evaluate and engage suppliers for acquiring goods and services. It includes processes such as outsourcing, insourcing, global sourcing and strategic sourcing among others. The retail industry is expanding and rapidly shifting towards automated, industrialized and cloud based solutions for consumer retention and enhance consumer experience. Also, the retail industry is focusing on adoption of cloud and mobile technologies in sourcing and procurement activities so as to increase the sales and bussiness in order establish themselves in the global market.
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The automation in procurement activities is witnessed during the past few years and is expected to continue due to high adoption of cloud based applications and mobile applications supporting procurement and sourcing processes. The technological adoption in sourcing and procurement process for retail industry is leading to increased competition in retail industry due to low barrier for small niche companies to enter in the market and rising online sourcing and procurement services due to geographic proximity. To maintain the market position with evolving technological advancement, large retailers poses opportunities to become industry infrastructure providers due to high demand for, inventory management and store operations in near future.
The demand for centralized procurement processes, better visibility in sourcing related data and improved collaboration between suppliers and retails is expected to drive the growth of retail sourcing and procurement market. The development and innovation in mobile and cloud technologies increasing efficiency of processes and customer satisfaction is further contributing to the growth of retail sourcing and procurement market. Additionally, retail sourcing and procurement market is growing as end-users are becoming more informed about resources as product choices are proliferating rapidly due to globalization.
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The retail sourcing and procurement market is segmented on the basis of deployment type, solution, enterprise, services and geography. On the basis of deployment type, the retail sourcing and procurement market is segmented into cloud based retail sourcing and procurement and on-premises retail sourcing and procurement. In terms of solution, the retail sourcing and procurement market is segmented into contract management solutions, supplier management solutions, spend analysis solutions, strategic sourcing solutions and procure-to-pay solutions.